Pepper exports topped 203,000 tons, fetching US$1 billion, within the first 9 months of 2024, with costs rising to their highest ranges in eight years.
This meant worth was up 46.9% year-on-year regardless of a 1.5% drop in volumes, in accordance with customs information. The common export worth was $6,239 per ton in September, a 67.5% soar from a yr in the past.
Companies mentioned costs have elevated as a result of a decline in provide attributable to climate situations and farmers’ crop switching.
Specialists mentioned home pepper costs are more likely to rise additional this yr, particularly with Tet (Lunar New 12 months) coming round in just a few months.
The Ministry of Trade and Commerce’s import and export division forecast world costs to stay excessive because the nation’s pepper manufacturing is predicted to lower subsequent yr as a result of drought.
The Vietnam Pepper Affiliation doesn’t count on world manufacturing to fulfill demand within the subsequent three to 5 years.
Pepper is a crucial agricultural product for Vietnam, which can be the world’s largest exporter of the spice with a 60% market share. Its exports final yr had been value $912 million.
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